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Uniform Gains Across Europe, But Upside Muted

EQUITIES
  • Continental stock markets trade uniformly higher Wednesday, with gains of 0.2-0.3% across most core indices. EuroStoxx futures resumed the multi-month uptrend yesterday, with new all-time highs posted at 4,100 which remains the next level to watch.
  • Across Europe, energy and consumer staples names are outperforming with the resumption of oil strength providing a tailwind for the oil & gas sector. Technology and communication services firms are the laggards so far.
  • US futures are mixed, with the Dow Jones futures in mild positive territory while NASDAQ future lags. VIX futures have held the overnight gains, suggesting volatility may have bottomed for now.

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